The company, based in Pasadena, Calif., said the number of active cards on the market, as well as overall purchase volume, rose during the period. Prepaid cards, which have grown in popularity in recent years, work like debit cards without a checking account attached.

Users are charged fees for a variety of services, such as loading the card with money. Despite growing competition, Green Dot said its results for the period show it remains a "strong and growing leader" in the industry.

For the period ended March 31, Green Dot earned $13.1 million, or 35 cents per share. That compares with $13.7 million, or 37 cents per share, a year ago.

Not including one-time items, the company made 42 cents per share. Revenue rose 9 percent to $154.1 million.

Analysts expected 37 cents per share and revenue of $143.2 million, according to FactSet.

Green Dot now expects full-year operating revenue of $525 million to $550 million, up from a previous forecast of $510 million to $540 million.

It stood by its adjusted earnings outlook of 95 cents to $1.20 per share.